One Liberty Properties agrees to acquire two industrial properties in Alabama for $49M

ONE LIBERTY PROPERTIES INC

Acquisition of 371,586 sq ft on ~31 acres in Theodore, AL for $49M; expected closing in early 2025.
Properties are fully leased to two tenants with aggregate annual base rent of ~$3.1M and ~7-year weighted avg remaining lease term.
Financing includes $29M ten-year mortgage at 6.12% (interest-only for 5 years, then amortizing on 30-year schedule).
Annual rent increases generally range from 2.3% to 3.5%.

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